In my days of hotel management, one of the tasks management had to deal with was risk mitigation. Every day, we were on the lookout for any issue on the property that would constitute a potential lawsuit.
As any type of income property manager, you also need to find ways to reduce the risk of lawsuits. A few well placed activities will go a long way toward reducing the likelihood of a lawsuit.
One thing that I did with my rental properties was to do a documented personal walkthrough of the property each month. Of course, tenants don't like to be bothered, and of course, the landlord is the last person a tenant wants to see each month. (or the manager). So, I provided a way for the tenants to avoid having the walkthrough. I would offer for them to sign off on a walkthrough, or to sign a disclaimer that everything on the property is safe and in good condition.
Without fail, the tenants would choose to sign the disclaimer, and avoid the walkthrough. This provided me with a monthly document showing that I cared about the safety of the tenant, and that I was being proactive in managing any issues that arose.
If a tenant ever wanted to instigate a suit, they would have a hard time proving liability or negligence that would overcome the proactive nature of the management. It took almost no time to implement, but covers your team very effectively.
In my days of hotel management, one of the tasks management had to deal with was risk mitigation. Every day, we were on the lookout for any issue on the property that would constitute a potential lawsuit.
As any type of income property manager, you also need to find ways to reduce the risk of lawsuits. A few well placed activities will go a long way toward reducing the likelihood of a lawsuit.
One thing that I did with my rental properties was to do a documented personal walkthrough of the property each month. Of course, tenants don't like to be bothered, and of course, the landlord is the last person a tenant wants to see each month. (or the manager). So, I provided a way for the tenants to avoid having the walkthrough. I would offer for them to sign off on a walkthrough, or to sign a disclaimer that everything on the property is safe and in good condition.
Without fail, the tenants would choose to sign the disclaimer, and avoid the walkthrough. This provided me with a monthly document showing that I cared about the safety of the tenant, and that I was being proactive in managing any issues that arose.
If a tenant ever wanted to instigate a suit, they would have a hard time proving liability or negligence that would overcome the proactive nature of the management. It took almost no time to implement, but covers your team very effectively.